Las Vegas Housing Market Hits Familiar High as Inventory Grows

A fresh report from Las Vegas REALTORS® (LVR) reveals two key takeaways for June 2025: local home prices are back at their all-time high, and inventory is on the rise—offering a welcome breather for homebuyers.

Home Prices: Back to the Top

The median price of existing single-family homes sold in Southern Nevada reached $485,000 in June, according to LVR’s MLS data. That’s a 1% increase from May and matches the previous record high first seen in early 2025. Compared to this time last year, that’s a 2.1% year-over-year increase.

Condos and townhomes didn’t quite hit a new peak, but they’re still holding strong. The median price for those came in at $305,000, which is a slight dip from last month but up 3.4% from June 2024. For reference, the all-time high for condos and townhomes was $315,000 back in October 2024.

Inventory on the Rise

Buyers, take note: the number of available homes is increasing significantly.

• 6,992 single-family homes were listed without offers at the end of June—a 70% jump from one year ago.

• 2,564 condos and townhomes sat unsold—an 87.6% increase year-over-year.

This rise in available inventory has shifted the market dynamics. LVR President George Kypreos summed it up:

“Although home prices bounced back to their previous peak, prices have actually been pretty stable so far this year. The biggest change in our local housing market lately has been the increasing number of homes available for sale, which is good for buyers. It should also be prompting sellers to be realistic when pricing their properties.”

Slower Sales, Longer Supply

Sales volume dipped slightly in June:

• 2,461 existing homes, condos, and townhomes sold—down 7% for single-family homes and 14.9% for condos/townhomes compared to last year.

We’re now sitting on nearly a four-month housing supply, double what we had in mid-2024.

A Look Back: Recent Market Trends

To put things in perspective:

• In 2024, there were 31,305 total existing home, condo, and townhome sales—up from 29,069 in 2023, which was the slowest year since 2008.

• In 2022, we saw 35,584 sales.

• The peak? A record-breaking 50,010 sales in 2021.

Other Market Notes

• Speed of Sales:
  82.8% of homes and 72.8% of condos/townhomes sold within 60 days—down from last year’s 86.9% and 83.0%, respectively.

• Cash Sales:
  23.1% of transactions were all-cash deals, down from 26.6% a year ago. (Still far from the 2013 peak of 59.5%.)

• Distressed Sales:
  Short sales and foreclosures made up just 0.8% of all sales—historically low and lower than both 2024 (1.1%) and five years ago (2.2%).

As always, these stats reflect activity reported through the LVR’s MLS and don’t include newly built homes sold directly by developers or for-sale-by-owner listings. But the message is clear: the Las Vegas housing market is balancing out. Prices are stable at the top, and more homes are hitting the market—making this a critical moment for both buyers and sellers to strategize smartly.

If you’re considering buying or selling, now’s a great time to talk. I’m always happy to help you navigate the market with confidence and clarity.

Houses that are priced, presented & marketed correctly are selling fast.

Let my 34+ years of Real Estate experience in Las Vegas work for you. 702-378-7055

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.